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Silver Lake Partners and Broadcom (Nasdaq: AVGO) have partnered on a $17.9 billion offer for the semiconductor unit of Toshiba Corp. (Tokyo: 6502), according to the Nikkei business daily. At least 10 other suitors reportedly are circling the business ― both strategics and financials ― with Toshiba reportedly wanting to sign a deal before its annual shareholder meeting in June.
- History: Silver Lake currently holds around a 0.4% stake in Broadcom, related to an earlier investment in Avago Technologies (which then bought Broadcom for $37 billion, but kept the target's name). Actually it was Silver Lake's second investment in Avago, having helped form the original company via the purchase of Agilent's chip business and then exiting after an IPO. Yes, Silver Lake double-dipped the chip.
- Bottom line: Toshiba is selling its chip biz, in large part, to help cover write-offs from its Westinghouse nuclear unit, which filed for Chapter 11 bankruptcy earlier this week.
Venture Capital Deals
• Oodrive, a Paris-based provider of data management software, has raised €65 million in new equity funding from Tikehau Capital, MI3 and NextStage. http://bit.ly/2nD6mXo
• Decisely, an Alpharetta, Ga.-based HR and benefits platform for small businesses, has secured $60 million in equity funding commitments from Two Sigma Private Investments and EPIC Insurance Brokers and Consultants (portfolio company of The Carlyle Group). http://on.wsj.com/2oG8EnV
• Cava Grill, a Washington, D.C.-based Mediterranean fast-casual restaurant chain, has raised $30 million in new funding from return backers Revolution Growth, SWaN & Legend Venture Partners and The Invus Group. http://bit.ly/2nmyjkG
• Promentis Pharmaceuticals, a Milwaukee-based developer of CNS drugs, has raised $26 million in Series C funding. OrbiMed, F-Prime Capital Partners and Aisling Capital were joined by return backers Black Pearl and the Golden Angel Network. http://bit.ly/2ooDuCm
• Pepper (f.k.a. PEQ), a Kansas City-based IoT operating system, has raised $8.5 million in new VC funding. Leawood Ventures, KCRise Fund and Royal Street Ventures were joined by return backers OpenAir Equity Partners and Comporium Communications. http://bit.ly/2olMXui
• Ledger, a France-based maker of wallet hardware for digital currencies, has raised $7 million in Series A funding from MAIF Avenir, XAnge, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto. http://tcrn.ch/2njSP5x
• SpyBiotech, a UK-based developer of a "super glue" for vaccines, has raised £4 million in new VC funding from GV and Oxford Sciences Innovation. http://tcrn.ch/2ona2ga
• SciSports, a Dutch developer of sports analytics tools, has raised €1.8 million in new VC funding from undisclosed investors. www.scisports.net
Private Equity Deals
• Canadian Imperial Bank of Commerce (TSX: CM) has increased its takeover offer for Chicago-based lender PrivateBancorp (Nasdaq: PVTB) by 20% to around $4.9 billion. http://reut.rs/2nmpMy5
• Chevron (NYSE: CVX) has completed the sale of its geothermal business in Indonesia to Star Energy Consortium for an undisclosed amount of cash. http://bit.ly/2nSc2yZ
• China Oceanwide Holdings Group Co. has completed its previously-announced purchase of International Data Group, a Boston-based tech group whose businesses include publishing (PCWorld, etc.), market research (IDC) and venture capital (IDG Ventures). No financial terms were disclosed, but the WSJ earlier reported that the purchase price was expected to be south of $1 billion. http://bit.ly/2nGI4O6
• Danone (Paris: BN) said that it will seek a buyer for its U.S. organic yogurt unit (Stonyfield Farms), in order to smooth regulatory approval of its planned $10.4 billion purchase of WhiteWave Foods (NYSE: WWAV). Stonefield generated around $370 million in 2016 revenue. https://bloom.bg/2ogEkUJ
• DX Group (AIM: DX) is in talks to acquire the newspaper distribution unit of Scotland's John Menzies (LSE: MNZS) for around £60 million in cash and stock. http://reut.rs/2nH31Ze
• Gregory Hall has joined Pimco as a managing director and head of private strategies. He previously spent 12 years with The Blackstone Group. http://reut.rs/2mVeg1v
• Jorge Mora has stepped down as head of U.S. financial sponsors at Macquarie Group, due to what Bloomberg refers to as a "legal dispute" with the Australian bank. https://bloom.bg/2nCW8Xl